I wrote about the coronavirus a couple weeks ago, and boy, that feels like three years and 30,000 miles away from today. Since then we have arrived in an unprecedented place. That makes it impossible to come in here and pretend to have some grand advice, the best things to do to get through this are going to be so wildly different for everyone based on their individual situation anyway. My only wish now is that everyone finds some peace while doing what they need to keep themselves, their families, and their community safe and healthy.
There is no one whose life has not been affected by this situation. Local, state, and federal authorities all came out with requests, rules, and edicts and it is easy to feel overwhelmed by it. Alright, so maybe in there comes one piece of advice I can give, which is to tune out for a time when the news feels like too much. If you are caring that much about it, then you are already someone giving enough thought to your actions that you are largely doing the right things. Allowing yourself a mental break so you can refuel a little bit is just another of those right things.
As more and more things got pushed back over the last week, it took a little time, but the Treasury even eventually caught up to the trend. On Tuesday, Secretary Steven Mnuchin announced that individual taxpayers who owe up to a million dollars can defer tax payments until July 15, as well as corporations for up to $10 million. They are, however, still encouraging filing taxes by April 15. Things are still changing by the day, though, so of course there remains the possibility of that deadline changing.
But if nothing else changes and you need to get documents to us and your tax return filed, this can be done electronically and accomplished without any face-to-face contact. We will do our best to make the process as painless as possible, for there are more important places in which to place your thoughts. For those expecting a refund, after all, the importance of getting that money may have increased over the past week
I will stop there for now in the interest of not adding to that overwhelming amount of things we have to think about, while remaining optimistic that we are not far from the time when I will be able to put a more normal message in this space.
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To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.